| How has the electronic components sector performed in the last six months? Electronic components performed relatively well, thanks to a strong rebound in the automotive industry and dynamic activity in the aeronautics sector. Demand from the electronic equipment industries remained steady. What is the current trend in insolvencies? The insolvency trend in this sector has been positive. Recently, however, Crédito y Caución has noticed a resurgence of claims received on buyers in the electronic machinery subsector, but it is too early to say if this reflects an upward trend. 
What is Crédito y Caucións short term outlook for the electronic components sector? The short-term outlook for electronic components is still satisfactory, with stable prospects for automotive, aeronautics and electronic equipment production. What is the Crédito y Caución underwriting approach to the sector? The end-markets for electronic components suffered in 2008 and 2009 and the financial situation of companies in the sector has been weakened by accumulated losses and financing constraints. This is especially true in France where electronic manufacturers are mainly mid-sized companies. Crédito y Caucións underwriting approach is prudent and depends on the subject companies having a well spread mix of product and financial flexibility to cope with investments constraints and working capital financing. | 
